Maplebear (NASDAQ:CART) Earns Hold Rating from Needham & Company LLC

Maplebear (NASDAQ:CART)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports.

Several other research firms have also commented on CART. BMO Capital Markets initiated coverage on shares of Maplebear in a research report on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price target for the company. Robert W. Baird increased their target price on shares of Maplebear from $31.00 to $44.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. Moffett Nathanson reissued a “neutral” rating and issued a $37.00 target price (up from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Macquarie initiated coverage on shares of Maplebear in a report on Monday, March 25th. They issued an “outperform” rating and a $42.00 target price for the company. Finally, Morgan Stanley initiated coverage on shares of Maplebear in a report on Tuesday, January 30th. They issued an “equal weight” rating and a $28.00 target price for the company. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $38.16.

Maplebear Price Performance

Shares of NASDAQ CART traded down $1.96 during midday trading on Tuesday, hitting $34.13. 5,273,244 shares of the company’s stock traded hands, compared to its average volume of 4,039,586. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95. The firm has a fifty day moving average of $34.60 and a 200 day moving average of $28.31.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.52. The business had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Equities research analysts anticipate that Maplebear will post 0.53 earnings per share for the current year.

Insider Activity

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the transaction, the director now owns 20,783 shares in the company, valued at $540,565.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average price of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the purchase, the insider now directly owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 2,157,745 shares of company stock worth $61,771,955 and have sold 1,008,592 shares worth $28,770,988.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its holdings in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares in the last quarter. Signaturefd LLC acquired a new stake in Maplebear in the third quarter worth about $30,000. Cantor Fitzgerald L. P. boosted its holdings in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new stake in Maplebear in the fourth quarter worth about $69,000. Finally, Amalgamated Bank acquired a new stake in Maplebear in the fourth quarter worth about $94,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.